Notorious Australian fugitive found living in the US after decades on the run

After 35 years on the run, one of Australia's most wanted fugitives has been found alive and well, hiding in a small town in America.

Michael Hand vanished in 1980 and was tracked down, living in Idaho Falls, under the name Michael Jon Fuller.

Mr Hand co-founded merchant bank Nugan Hand, which collapsed under massive debts in excess of $50 million.

He vanished in to thin air, not long after his business partner Frank Nugan was found dead in his car, with a bullet wound to his head.

A coroner declared Nugan had killed himself.

A royal commission into the bank found evidence of money laundering, illegal tax avoidance schemes and widespread violations of banking laws.

The 73-year-old declined to comment when he was approached by a 60 Minutes reporter outside a chemist in the US.

Author Peter Butt, who uncovered Hand’s location, detailed his story in the book Merchants of Menace.

“The fact that Hand has been allowed to live the free life in the United States suggests that he belongs to a protected species, most likely of the intelligence kind,” Mr Butt said.

“An intelligence document I found places Michael Hand back working for the CIA in Central America 18 months after his disappearance.”

Mr Hand now manufactures tactical weapons for US Special Forces and hunters.

Information on Mr Hand's whereabouts has been referred to the Australian Federal Police.